AUD/USD Signal Update
Last Thursday’s signals expired without being triggered as the price never quite reached 0.7805.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7805.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
Go long following some bearish price action on the H1 time frame immediately upon the next touch of 0.7550.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
AUD/USD Analysis
This pair has really done nothing since my last analysis on Thursday. It has just chopped around in a fairly tight range without touching any key support or resistance levels, so there is not much more to add.
I am looking for support at 0.7550 although if the price does travel downwards, support may well come earlier off the double bottom confluent with the round number at 0.7600.
There are no high-impact events scheduled today for the USD. Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meetings Minutes at 2:30am London time.